Despite strong market breadth and a surge in trading activity, the Nigerian Exchange (NGX) began the week largely flat, as investors positioned cautiously ahead of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) meeting on May 19–20. The All-Share Index dipped by just 0.01% to close at 109,697.88 points on Monday, May 19.
While profit-taking in banking stocks dragged the NGX Banking Index down by 0.74%, overall sentiment remained resilient, with 46 stocks advancing versus 23 declining. The NGX Consumer Goods (+1.55%) and NGX Insurance (+0.56%) indices posted notable gains, buoyed by investor repositioning.
Total trading volume surged by 13.55% to 486.09 million units, while transaction value jumped by 33.39% to ₦11.38 billion, reflecting upbeat market participation. Market capitalisation also ticked higher by 0.01% to ₦68.95 trillion.
Top gainers included Tantalizer (+10%), Betalass (+9.98%), and Champion Breweries (+9.97%), while top laggards were TIP (-10%), ABC Transport (-9.83%), and FTN Cocoa (-9.65%). In terms of value traded, GTCO (40%), AccessCorp (19%), and UBA (13%) led the pack.
The Nigerian Interbank Offered Rate (NIBOR) for overnight borrowing held firm at 26.83%, signalling tight liquidity conditions. Treasury yields on Nigerian Treasury Bills (NTBs) climbed across all tenors, with average yields rising by 23bps to 20.81%, as investor appetite for short-duration debt instruments remained strong.
Yields in the FGN bond market remained largely unchanged. However, Nigeria’s Eurobond performance strengthened, with yields compressing by 13bps to 9.91%, aided by improved global risk sentiment.
In the foreign exchange market, the naira strengthened at both the official and parallel market windows. At the NAFEM window, the naira appreciated by 0.11% to close at ₦1,161 per dollar, while the parallel market saw a modest gain of 0.06%, closing at ₦1,619/$, driven by improved dollar supply from the CBN.
The Central Bank of Nigeria (CBN) has issued a directive temporarily suspending the payment of… Read More
The Federal Ministry of Agriculture and Food Security has called for solemn prayer sessions across… Read More
Iran launched a retaliatory ballistic missile attack against Israel on Friday with the Israeli military… Read More
The Israel-Iran conflict is a cornerstone of Middle Eastern geopolitics, marked by decades of hostility,… Read More
Former Manchester United and Juventus midfielder Paul Pogba has reportedly been offered a route back… Read More
Job Title: Data Analysis Consultant Location : Senegal Job Description Under the overall supervision… Read More
